The rally off the bottom (reversal -end of bear cycle??) paused for breath around the long term resistance (EMA200) which is common..
However..the 91c resistance wasn't broken convincingly as it had the EMA200 just above it forming a double barrier and now Mr Market is saying the pause is being seen as too long, and the technicals are weakening, triggering sell signals.
PEB going below 85c now sees another technical double barrier above the price,, the short term resistance line and the EMA50 resistance line both at 85c..Any short term positive movements (very risky) would be PEB closing above 87c and any positive long term (preferred risk option) action would be PEB price closing above 95c.. Indicating the pause (bull market correction) is over...
Going the other way there is strong support at the bull/bear line (78c)..If this line is broken the bear cycle resumes and the bottom (65c) becomes the focus of attention..
Short to Medium term TA investors won't be worried or be wasting time analysing the fundamental "ifs and buts" as they would be out of PEB by now..awaiting buy signals
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